The Federal Law stipulates that the Accounts Chamber of the Russian Federation is a permanently functioning supreme body for external governmental audits, formed in accordance with the said Federal Law, which is accountable to the Federal Assembly of the Russian Federation.
The Federal Law sets forth the procedure for appointing the Accounts Chamber Chairperson and its deputy, as well as the Chamber’s auditors.
The Federal Law also establishes the Chamber’s operating principles and procedures, its objectives, powers and functions, as well as its supervisory powers, audited entities and procedures for its control activity.
The law also sets October 1, 2013 as the deadline for the formation of the Accounts Chamber Board.